Iraqi oil to India gets cheaper as competition From Russia bites

• Posted in OilGas
• on April 12, 2023
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The price of crude from Iraq averaged $76.19 a barrel, compared with $78.92 in January, according to data published by India’s ministry of commerce and industry. Russian supplies averaged $72.14, marginally lower than January.

India and China emerged as a key consumers of Russian crude after many other buyers shunned its barrels due to the war in Ukraine. The OPEC+ producer has cemented itself as the South Asian nation’s biggest supplier of oil.

Crude from Saudi Arabia was the most expensive for Indian buyers in February, averaging $87.66 a barrel. That compares with $85.84 in January. The data from the ministry is preliminary and represents oil delivered to the port.

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